In response to Executive Order 13772, issued in February 2017, the U.S. Department of the Treasury has been easing restrictions pertaining to key financial services sectors. The department previously published guidelines for the bank and credit union, capital market, and asset management and insurance sectors. The fourth and final report of the series, published July 31, 2018, provides guidance for fintech firms.
U.S. Secretary of the Treasury Steven T. Mnuchin said Treasury staff members who crafted the reports met with numerous stakeholders in consumer financial data aggregation, lending, payments and credit servicing sectors, and he expects ensuing recommendations to drive rapid adoption of competitive technologies, data security and operational efficiencies. The goal is to simplify regulatory standards and create a financial system that supports all stakeholders, including nonbank finance and fintechs, he added.